OCR Text

Lethbridge Herald, The (Newspaper) - April 11, 1973, Lethbridge, Alberta
22 THE IETHBRIDGE HERMD Wednesday, April I I, i9< Tires from Eaton's Auto Centre for top performance and safety Victura, Victura IE Tires Buy one tire at the single-tire price and save on the second tire. Each 29 w (C78 x 14) Pair..... VICTURA the high mileage tir e with full 4-pIy Dupont Nylon Blackwall Each BJockwall Par Whiiewali Each 650 x 13 ......22.88 34.32 24.88 600 x 13 24.88 Whivewall Pa't 37.32 37.32 VICTURA I! with two plies of polyester c-d two undcr-ihe-heod glass fibre belts Eoch Poir Cocfc 29.88 44.82 C7Exl5 30.88 t7O t fif) 30.88 46.32 G7Sxl5 33.88 31.88 47.82 H78x15 35.88 C73x14 G78xl4 H78xl4 33.88 35.88 50.82 53.82 J78x15 600x12 37.88 23.88 Pair 46.32 47.82 50.82 53.82 56.82 35.82 Shop Eaton's Thursday and Friday For These Victura Tires. Buy Line 328-8311. Use Your EcJon Come True Card For Convenient Shopping. Lending and interest rates increased by major banks TORONTO (CP) Canada's major chartered banks raised their prime lending rate Mon- day following a federal govern- ment move designed to tighten credit and improve Canada's foreign exchange position. In addition, the banks also said they are increasing the rate of interest paid on savings and chequing-savings accounts. The increases follow a deci- sion by the Bank of Canada Fri- day to raise its bank rate at which it lends money to the one-half of one per cent to 5.25 per cent. While the bank rate does not effect individuals directly, any change in it is usually followed by corresponding changes by chartered banks in their prime rate. The Canadian Imperial Bank of Commerce was the first to announce an increase in its prime rate of interest the bank charges its best cus- similiar announce- ments Mowed from the Royal Bank, Bank of Nova Scotia and Toronto-Dominion Bank. NO DECISION REACHED A spokesman for the bank of Montreal said his bank has not yet reached a decision regard- ing the rate increase. It was the first prime rate ad- justment since Nov. 1, 1371. The banks said, effective im- mediately, they are increasing their prime rates by one-half of one per cent to 6% per cent. However, none of the banks increased the rate of intsrest charged on personal consumer loans. In addition, the banks said U.S. meat boycott effect not known NEW YORK (AP) Butch- ers generally agreed that it is too soon to know whether house- wives are returning to normal meat-buying after last week's United States consumer boycott. "It's better than last week but still off 20 per said a spokesman for Fed Mart Stores Inc. in San Diego. An Associated Press spot check Monday showed mixed results at meat counters, but even stores reporting brisk meat sales said any lasting ef- fects of the week-long boycott will' not be known until later. The Acme Food Market Chain, with 529 stores in seven states along the Eastern Seaboard, saM meat sales were up and Grand Union said a check of stores in the Washington, D.C., area in- dicated "a Monday like we can't remember." However, Acme Markets Inc. in Philadelphia reported sales slightly low for a Monday; and Charles Weigl, owner cf a meat market in New York City, said business was down about 20 per cent. Monday was the deadline for posting price callings imposed by President Nixon on beef, pork and lamCo. Richard McGuire. president of the New York Farm Bureau, stCd the week-lcng boycott of beef, pork and lamb had not bean effective and predicted: "In the long run. consumers will be adversely affected." In a statement prepared for a congressional hearing, McGuire said the boycott did not recog- nize inflation as the cause of bigh prices and added: "The threat of future boycotts could discourage producers from in- creasing production." One supermarket manager in Columbus, Ohio, declared a "chicken crisis" Monday. He said there was such a run on poultry that the store had to limit each customer to two chickens. they are increasing the rate of interest paid on savings ac- counts by one-half of one per cent to per cent, retroactive to April 1. Interest paid on chequing-savings accounts will be increased to threa per cent, from per cent on May 1. The Bank of Nova Scotia also said it will increase the rate of interest paid on fixed-term de- posits, but the new rates were not given. INCREASES NECESSARY A spokesman for Canadian Imperial Bank of Commerce said the prime rate increases have become necessary due to the continuing pressure for loans and are in "harmony with recent changes in the Bank of Canada's interest rate." W. Earle McLaughlin, chair- man and president of the Royal Bank, said: "For some time now, it has been clear that Canadian char- tered bank prime rates have been unnaturally lew in relation j to the over-all market, which jhas been rising. This has created some distortions, par- ticularly with regard to the relationship of Canadian rates to those in the United Stages and other countriss, and there has been some effect on Can- ada's foreign exchange posi- tion." A spokesman for the Bank of Nova Scotia said the Bank of. Canada has indicated that its policy continues to be essen- tially expansive. "Within this context, the Bank of Nova Scotia said the Bank of Canada has indicated that its policy continues to bs essentially expansive. "Within this context, the Bank of Nova Scotia will con- tinue to mest the legitimate credit needs cf its the spokesman said. All the banks said they will continue to provide for the credit needs of small business, particularly those in the less advantaged regions cf Canada. Mr. McLaughlin said the mes- sage from the Bank of Canada was loud and clear. "It reads: Higher interest rates, but not tight money." U.S- may continue oil demand EDMONTON (CP) Vern Mallard, vice chairman of the Alberta Energy Conservation Board says that high demand for oil in the United States may continue during the sum- mer months. He said in an interview the remaining reserves in western Canada for conventional oil are about eight billlion barrels and the 1973 production rate will be about 700 million barrels. However, this does not mean Alberta will be out of oil in 11 or 12 years. The energy board is of the opinion there are other oil fields t- be discovered, he said. In addition, the Atahbasca oil sands in northeast Alberta, using known technology, can provide another 26 billion bar- rels. The energy board has report- ed that the demand for oil this month is 35 per cent higher than in April of 1972, daily pro- duction in western Canada this month is estimated at two mil- lion barre's, 60 per cent of it being exported to the U.S. Veriioii range inquiry promised By IAIN HUNTER Herald Ottawa Bureau OTTAWA Delence Minister James Richardson said in the House cf Commons Monday that he will authorize an exam- ination of a former munitions training range at Vernon if "new evidence is produced showing that live explosives present a continuing danger. Two Vernon children were killed Sunday whan a mortar shell picked up from the range at Camp Vernon exploded. Doug Stewart gan-Kootenay) raised the ques- tion in the Commons and asked Richardson if he will issue a di-' rective that the range "be com- bed and recombed in order to prevent similar disasters. It's Eaton's diamond remount event! It's like owning a new diamond ring! Now Through Saturday, April 14th. You can give your diamond a whole new look at Eaton's. Take advan- tage of Eaton's diamond remount event, now through Saturday, April 14th. Choose from engagement, solitare, three-stone and dinner ring mountings in 18 kt. white-gold or 14 kt. yellow-gold whh white-gold top. Please allow four weeks for delivery. Personal Shopping Only. Jewellery, Main Floor EATON'S BUY LINE 328-8811. Shop Thursday and Friday from 9 Til 9. Use Your Eaton Come True Card For Convenient Shopping.
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